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Daily Market Comments - June 2018

06/29/18 - Stock Market Comments

Today's positive trading is strong enough to bring the Dow and the S&P 500 back up through the T-line after forming piercing signals yesterday. The transportation index is forming a good MorningStar signal at the 200 day moving average. The NASDAQ has gapped up after a piercing signal off the 50 day moving average and is currently nudging the T-line. A bullish reversal still requires a close near the top end of today's trading range in the indexes.

06/28/18 - Stock Market Comments

The NASDAQ is showing potential support at the 50 day moving average. The positive trading in the other indexes have not yet shown any dramatic change of the current downtrend. Today's current bounce in numerous stocks should be viewed as merely a possible bounce.

06/27/18 - Stock Market Comments

Continue to be careful. Although the indexes are trading positive, both the Dow and S&P 500 just touched the T-line before backing off. The NASDAQ, although trading higher, is trading below where it opened. Overall, this does not project new bullish strength in the markets right now. It will be important to see how they close the markets today. A bullish reversal would require a close near the top end of the trading range in the market indexes.

06/26/18 - Stock Market Comments

Be careful, although the markets are trading positive Today, they are not showing any great reversal signals. There are numerous stocks still trading lower, especially after bearish kicker signals. Stay predominantly short until you see bullish confirmation/bullish reversal signals. With all the indexes trading below the T-line, the downtrend should remain in progress.

06/25/18 - Stock Market Comments

The weakness in Friday's trading brought all the indexes back below the T-line. This was a viable indication the Bears are starting to take control. The Dow, although traded higher on Friday, indicated the 50 day moving average was going to be acting as a resistance level, making the prospects of the next target the 200 day moving average, which is where the Dow is trading right now.

06/22/18 - Stock Market Comments

The Dow is currently trading below the 50 day moving average while the NASDAQ has use the T-line once again as a support level. These market conditions make the analysis of each individual stock chart the relevant analysis. Continue to stay predominantly long and have a few short positions in the portfolio.

06/21/18 - Stock Market Comments

The Dow is currently trading below the 50 day moving average while the NASDAQ has use the T-line once again as a support level. These market conditions make the analysis of each individual stock chart the relevant analysis. Continue to stay predominantly long and have a few short positions in the portfolio.

06/20/18 - Stock Market Comments

The concerns about tariffs apparently are not as dramatic Today. Although the Dow is trading down, the NASDAQ continues to trade higher. Soybeans are trading slightly lower but not nearly to the same magnitude as the huge down day yesterday before forming a large hammer signal. The candlestick patterns continue to demonstrate the strong bullish or bearish trades. Numerous breakouts of patterns are producing strong profits Today.

06/19/18 - Stock Market Comments

The Dow is currently trading right at the 50 day moving average. The Dow 10 minute chart has formed a Morning Star signal and trying to break back up through the T-line. The 50 day moving average will be an obvious potential support level. The NASDAQ, although trading lower, is currently trading backup above where it opened. This does not necessarily mean there isn't the possibility of more downside but it is indicating there is buying occurring.

06/18/18 - Stock Market Comments

Although the Dow is trading down hard, the other indexes are not showing the same selling pressure. Although they are trading lower, the NASDAQ opened on the T-line and is trading positive from there while the S&P 500 is trading lower, it is trading at the very top of its trading range.

06/13/18 - Stock Market Comments

The J-hook pattern in the NASDAQ is providing the best evidence that the markets should continue in slow uptrend even though the Dow is not showing any great bullish sentiment. The S&P 500 is flat and the transportation index is consolidating during the scoop uptrend.

06/012/18 - Stock Market Comments

The NASDAQ continues to trade higher, the transportation index is forming a nice scoop pattern, the S&P 500 is in a nice slow uptrend above the 3T-line, and the Dow is trading basically flat but still above the 3T-line. Nothing has changed yet in the overall market trend/investor sentiment, however expects some profit-taking more so in the Dow and S&P 500.

06/11/18 - Stock Market Comments

The market uptrend is solid, based upon the backing and filling in each of the indexes as the overall trend moves higher. There's backing and filling reveals the lack of any exuberance in the market trend. The slow steady uptrend indicates no change of investor sentiment.

06/07/18 - Stock Market Comments

Although the Dow continues to trade strong today, profit-taking is evident in the other indexes. It will be important for the Dow to maintain its strength. If it starts trading lower in correlation with the other indexes pulling back, the profit-taking/consolidation would produce more prospects of profit-taking occurring over the next few trading days.

06/05/18 - Stock Market Comments

Although the Dow and the transportation index are trading lower, the NASDAQ is still showing a very convincing bullish chart pattern, staying well above the T-line. The S&P 500 continues to trade above the T-line.

06/04/18 - Stock Market Comments

Today's positive trading in the Dow has brought it up above the T-line after a few days of supporting on the 50 day moving average. This puts it in correlation with the other indexes all trading above the T-line. This provides more evidence that the overall market trend is in an upward direction.

06/01/18 - Stock Market Comments

The NASDAQ Is showing the most compelling strength in the market, the J-hook pattern breaking out above the resistance level with Doji gap ups. The S&P 500 shows strength with kicker type signals.

 

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